Jack Dorsey, Chief Executive of Twitter and Square, Believes that Bitcoin Will Take over Fiat Currency Soon

Chief executive of Twitter Dorsey, himself a noted bitcoin investor, really believes the cryptocurrency will take over fiat currency in world finance and become the primary global currency for payments quite soon.

Suggesting it could happen in 10 years or perhaps less, the entrepreneur said:

“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin.”

While conceding that bitcoin is faced with scaling issues right now, making it “slow and costly,” Dorsey nonetheless argued that new solutions will ease that difficulty in the end.

“As more and more people have it, those things go away. There are newer technologies that build off of blockchain and make it more approachable,” he said.

In fact, Dorsey is putting his money where his mouth is in an effort to bring about faster, cheaper bitcoin transactions.

Last week, CoinDesk reported that Dorsey had participated in a funding round that raised $2.5 million for Lightning Labs. The startup has notably just launched its beta version of the Lightning Network, a protocol layer built above the bitcoin blockchain to speed up the transaction process, as well as lower fees.

The investment followed Square’s trial, announced last November, which allowed limited users to buy and sell bitcoin over its payment application, Cash App.

Following the test, Square is now offering the bitcoin service in the U.S. state of Wyoming, and is reportedly seeking for a so-called “BitLicense” to extend the option to New York.